30.11.2021

The Role of Cryptocurrency and Blockchain in the Internet of the Future Web 3.0?

Web, URL, DNS, HTML – when it comes to the Internet from the technical side of the issue, it seems that all this is extremely difficult and incomprehensible.

This is partly true. But everyone can understand the basics and understand why Web 3.0 is the future and Web 1.0 is a forgotten history.

In this article, we are in simple language, but we will tell you in detail what is the essence of the concept of Web 3.0, how it differs from previous versions, and why cryptocurrency projects are an integral part of it.

How is the Internet different from the Web?

Contrary to popular belief, the Internet and the Web are not the same thing. If the Internet is a network that connects millions of computers around the world, then the Web is one of the tools for connecting.

In other words, the Web is a system of sites linked by URL links (for example, such as https://mining-cryptocurrency.ru/) using DNS servers.

How did Web 1.0 begin?

Web creator Tim Berners-Lee described its first version as read-only. This means that content that was previously broadcast by radio or television could now be accessed from any computer connected to the Internet.

In Web 1.0, a small number of users created content for the majority. For example, resources with ads, online directories, and so on were popular. To leave a comment, you had to go to a special guest page and send it via an email client.

Initially, the system operated via modems and telephone networks. Because of this, it was chaotic and unstable, but the problem was solved with the advent of leased lines and Internet providers.

At the same time, people’s expectations from the new sphere turned out to be overestimated, which led to the legendary “dot-com boom”, which is now often cited as an example, talking about the crypto market, when they want to point out that this industry is a bubble. People were euphoric about the opportunities that the Internet could provide them in the near future. Internet-related startups popped up every day.

At the same time, the industry was young, so most entrepreneurs did not understand how to run this business. Many companies were overvalued, and they themselves tried to raise as much funds as possible. The slogan of that time was the phrase: grow quickly or disappear. Eventually, however, investors began to realize that the startups they had invested in had never been able to start making a profit.

As a result, in the 2000s, many Internet companies went bankrupt and investors suffered losses. However, those who survived this period became IT giants like Amazon or eBay.

Second stage – Web 2.0

2004 was the year of the birth of the Internet as we know it now. Back then, O’Reilly Media co-founder Dale Dougherty and publisher Tim O’Reilly emphasized the importance of user-generated content. Therefore, the key platforms of the Web 2.0 era have become social networks Facebook, Twitter, and video hosting YouTube.

Literally everyone who has access to the web can publish their content on various platforms. This led to the popularization of the Internet, gave a powerful impetus to the development of mobile devices, as well as applications and various online platforms. Due to the fact that the Internet began to bring high income, large providers began to appear that were able to improve the quality of access to the network and reduce the price of this service. This again had a positive effect on the popularity of the Internet, but at the same time became a key reason for its centralization.

Amazon now hosts business sites around the world, and Google and Facebook control the data of billions of users. Sometimes this leads to global problems. For example, the Amazon Web Services (AWS) outage last November affected thousands of services, from Pokemon Go and League is Legends games to Tribune Publishing and Baltimore Sun.

And the leaks of information about millions of Facebook users have led to a global scandal. This became one of the key arguments of financial regulators who opposed the launch of the Facebook Libra crypto project (after rebranding it became Diem).

Web 3.0 – the internet of the future

Web 3.0 is a new version of the same Web, created in the last millennium, but it works on the basis of machine learning and artificial intelligence (AI). The concept focuses on open, interconnected websites and web applications, more related to understanding data and teaching computers with AI. Due to this, it is possible to obtain the most relevant information in a short period of time.

In Web 3.0, each individual user will receive information tailored specifically to him. The concept of this system is not new. Back in 1999, Web 1.0 creator Tim Berners-Lee introduced it as the Semantic Web. This network should enable computers to process the various mechanisms inherent in commerce, bureaucracy, and people’s daily lives.

It is assumed that the new version of the Web will be able to use peer-to-peer technologies (P2P) such as blockchain, open source software, virtual reality, Internet of things (IoT). But these advanced technologies are only a small fraction of Web 3.0.

So, now most applications are created for a specific operating system, for example, iOS. Thanks to Web 3.0, they will be able to run on any system without requiring separate development. This is a step towards the decentralization of the Internet, where users will not be forced to depend on the capabilities and solutions of providers. And this, in turn, will make the Internet a safer environment, including in terms of data security.

Other advantages of the new version of the Internet include the ability to provide each user with more personalized information that meets his needs, more targeted advertising, and better customer support.

The Role of Cryptocurrencies in Web 3.0

The best foundation for Web 3.0 will be the Bitcoin network as the most reliable blockchain, said Blockstack CEO Munib Ali. Web 3.0 is giving people back control over their data and digital assets, he said. For this reason, many crypto projects are actively developing the concept of Web 3.0.

Decentralization is one of the most important principles of Web 3.0. For example, decentralized applications (dApps) from the DeFi realm do not need to be controlled by a third party. They are more secure (due to the lack of central control points) and more efficient due to the absence of intermediaries.

Another striking example of the combination of the cryptocurrency and Web 3.0 sphere is the Brave crypto browser. It does not track user activity and also blocks ads on sites by default. The user can consent to the display of commercial materials, for which he will receive native BAT tokens.

At the same time, the Polkadot crypto project presented to the market a unique decentralized protocol that unites various blockchains and allows not only to freely transfer information and tokens through them, but also to deploy applications.

And this is one of the main tasks of the new Internet Web 3.0 – the ability to work on any system without special modifications, applications and add-ons.

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